Prospecting "non" event
I’m taking 2 clients with 2 friends of theirs to a Basketball game this week. We are gonna have dinner before the game, very informal, a joint near the Arena.
I planned on keeping it real loose, and told my clients that i wasnt going to be doing any presentation, or selling or anything like that, just want to go out and have a good time. Maybe a mistake, but i dont want them to feel like I am asking them to "bring their friends to slaughter". Question - How do i turn this into something that leads to me adding these guys as prospects, without being obnoxious about it. I have done "bring a friend" dinners which were successful, but they were preordained as prospecitng events and I did a formal presentation. This is a different, less aggressive approach, whcih i am trying for the first time.Don’t talk about business unless they bring it up.
I would just go as if you're 5 friends hanging out. Ask questions to get to know them and keep the conversation going but keep it away from investments unless they ask. Even then I'd keep it to a minimum. Give them the opportunity to get to see you as a "good guy" that takes good care of your better clients. Chances are their brokers never done anything more than maybe a dinner seminar.
The day after, I'd maybe call your clients and thank them for coming and you enjoyed it. I suppose just ask them at that time, if they would share their friends contact information with you. Who knows, maybe your clients friends will flat out tell you that night, they'd like to sit down with you. Good luck and keep us posted. I've always wanted to do some things like this but never have. I'm sure your clients friends are going to accept going to this game knowing ultimately, you have an agenda to prospect them. As long as you're not pulling out ICA mountain charts at dinner, you should be fine.Baldy, thanks for the response.
This is sort of what i was thinking. I think people do business with us becasue they perceive us as good people (assuming of course that we demonstrate a reasonable amount of intelligence). So thats what i am hoping might come out of this. I guess i need to depend on asking my clients to share the contact info with me, then just thank them for coming after the fact, maybe ask them if they would find it useful to get some of my emails that i send out to my clients on occassion, something like that. I have a feeling that since they know what i do, they might start talking about investments on their own, without me bringing it up. Need to be careful to not let that put me into sales mode.[quote=Sportsfreakbob]I’m taking 2 clients with 2 friends of theirs to a Basketball game this week. We are gonna have dinner before the game, very informal, a joint near the Arena.
I planned on keeping it real loose, and told my clients that i wasnt going to be doing any presentation, or selling or anything like that, just want to go out and have a good time. Maybe a mistake, but i dont want them to feel like I am asking them to "bring their friends to slaughter". Question - How do i turn this into something that leads to me adding these guys as prospects, without being obnoxious about it. I have done "bring a friend" dinners which were successful, but they were preordained as prospecitng events and I did a formal presentation. This is a different, less aggressive approach, whcih i am trying for the first time.[/quote] You are spending money on clients and prospects. FINRA rules require that you disclose this to your B/D, gonna need names and phone #'s. Handle it from there based on feel.This type of situation is a gold mine. They will bring up investments in the natural course of conversation. When they do, tell them that you have your clients on a great recovery strategy or whatever and that you hope their guy is doing the same for them, but that you’re out to have fun tonight… not talk business. The very next thing they say about the economy, the market or anything remotely investment related, just say, why don’t we grab coffee sometime next week and I’ll show you what I’ve been doing for my clients.
Engineering these types of no-pressure events has been our focus all year.
So what type of events have you gone to or found to be the easiest and most enjoyable?
Engineering these types of no-pressure events has been our focus all year.
wine tastings, golf events, appreciation dinners
This is a great strategy.. But I would let my clients be the first spokesman, instead of me(hopefully they will say something positive). But I agree, not investment talk/strategy/ideas that night... Instill in them that your relationship with clients is more than the next investment idea. Give them the impression you do this type of outing with a lot of clients. They will care more about that than anything investment related you have to say...This type of situation is a gold mine. They will bring up investments in the natural course of conversation. When they do, tell them that you have your clients on a great recovery strategy or whatever and that you hope their guy is doing the same for them, but that you’re out to have fun tonight… not talk business. The very next thing they say about the economy, the market or anything remotely investment related, just say, why don’t we grab coffee sometime next week and I’ll show you what I’ve been doing for my clients.
Engineering these types of no-pressure events has been our focus all year.
I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.
Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?" If they see you're making your clients money AND taking them out, they'll probably want to do some business.I have a relative that was invited to this kind of event through a friend. They ended up drinking to much and woke up in a stranger's bed with a completed Investment Questionnaire.
Engineering these types of no-pressure events has been our focus all year.
[quote=gethardgetraw]
I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.
Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?" If they see you're making your clients money AND taking them out, they'll probably want to do some business.[/quote] Not to start down this road, but I loath those fancy "pickup lines". I prefer something subtle, that makes them want to ask more. "I manage investments" or "I manage money". I just hate the cheesy lines that I hear people throw around sometimes. If I know what the person does, let's say they work at the same employer as the client, I might say "I manage investments. Most of my clients work or retire from XYZ Pharmaceuticals. I help them with pension and stock option decisions, etc.". Something normal people would say. Honestly, "I maximize results while minimize expenses" ?? Pretty corny (no offense). Nobody talks like that. But I know you've probably never used that line anyway.You're right, never used it. "I manage investments" sounds a lot better in hindsight.
Just start talking current events. In today’s environment, this can’t help but turn to finance. Then, just treat whatever the other guy says as gold.
He’ll be standing outside your door on monday morning to tell you all about how he would save the world.
[quote=B24][quote=gethardgetraw]
I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.
Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?" If they see you're making your clients money AND taking them out, they'll probably want to do some business.[/quote] Not to start down this road, but I loath those fancy "pickup lines". I prefer something subtle, that makes them want to ask more. "I manage investments" or "I manage money". I just hate the cheesy lines that I hear people throw around sometimes. If I know what the person does, let's say they work at the same employer as the client, I might say "I manage investments. Most of my clients work or retire from XYZ Pharmaceuticals. I help them with pension and stock option decisions, etc.". Something normal people would say. Honestly, "I maximize results while minimize expenses" ?? Pretty corny (no offense). Nobody talks like that. But I know you've probably never used that line anyway.[/quote] But you don't actually do that. You sell investments, there is no discretionary management or trading.[quote=Squash1][quote=B24][quote=gethardgetraw]
I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.
Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?" If they see you're making your clients money AND taking them out, they'll probably want to do some business.[/quote] Not to start down this road, but I loath those fancy "pickup lines". I prefer something subtle, that makes them want to ask more. "I manage investments" or "I manage money". I just hate the cheesy lines that I hear people throw around sometimes. If I know what the person does, let's say they work at the same employer as the client, I might say "I manage investments. Most of my clients work or retire from XYZ Pharmaceuticals. I help them with pension and stock option decisions, etc.". Something normal people would say. Honestly, "I maximize results while minimize expenses" ?? Pretty corny (no offense). Nobody talks like that. But I know you've probably never used that line anyway.[/quote] But you don't actually do that. You sell investments, there is no discretionary management or trading.[/quote] Here we go.I prefer, “I mange people’s financial risk so that they can live the life they want, how they want, regardless of their tax burden. In addition, I find ways to make HUGE profits in bad years because I am a MOTHERF*CKIN’ GENIUS!”
Seriously, B is right. I wouldn’t even say “I manage money”. I just say, “I’m a financial advisor.” Or, “I own a financial services company”.
They will draw their own conclusions.
Agreed, the less the better. They already know what you do, sharing your success is the best. The more vague you are the better.
Do you have the time, money and stamina to keep the partying up? Because, getting new clients like this is not going to be a problem.B24 - I agree with you. Most of the stuff they teach you in the training programs is really cheesy stuff, no other way to say it. No offense gethard, appreciate your response nevertheless.
As I said, i think the goal here is to get these guys to think I'm a good guy. If I can do that, by just having a good time wtih no pressure, and at the same time demonstrate that i have a good relationship with my clients (the two clients i am bringing love me, and one referred the other, then i think the rest will just happen. If one of them asks what exactly i do, i think I'll let the two clients answer the question. Thanks to all for the responses. All worthwhile, except for one, where i cant figure out if the poster is really an idiot or is just playing pretend.I guess what I find is that most savvy business people (read: wealthy) can smell bullsh1t. Anyone that’s in business understands sales, and when you haul out the corny sales pitch lines, they smell a "pitch"coming, and then they know it’s amateur night. That’s when they go and strike up a conversation with some complete stranger because they can’t stand the thought of being pitched on what they thought was supposed to be a relaxing evening.
What about…
Prospect- "So what do you do" Me- "In regards to money... I help people help themselves." Never used it but I have been trying to come up with something short and simple but yet raises their curiosity. What better place then here to get it bashed!Make a real effort to be personable, but professional. If you try and become buddies with these new people, it might put them off.
Clients want a trustworthy, genuine advocate to manage their serious money - not a drinking buddy. Let's say investments DON'T come in conversation (the highly unlikely, worst case scenario)...if the evening goes well, drop a note thanking everyone for a fun night - do it on company-headed paper with your contact info, but DON'T mention anything about business on the note! If the friends haven't contacted you within a week or two: 1) if you feel you can pull it off (and it's appropriate), call and say "I really enjoyed meeting you the other night; I was wondering if you'd be open to a coffee and allowing me to introduce myself on a professional level too?" 2) Call and personally invite them to your next seminar. You could even play it down and say you've already paid for the food, but have seats to fill.Bob, for me, CPAs are mainly hopeless. I've known one for years, who even got himself in and out of the asset management business, who is still an investment moron. The obstacles are embedded in the brain of the CPA, not yours. Some referrals come, but without a revenue sharing agreement in place, I have learned not waste time, money and especially stature to pursue indirect business or referrals, in any manner.
In my experience, the best results have come almost from a combination of almost mocking or challenging and then educating CPAs about how real advisors manage money. If they feel a little insecure, they'll pay attention. " Mr. CPA dude, you're the tax expert, I depend on you. With respect, I don't see where you have experience or perspective on portfolios - this is about protecting client's money, and growing it a little to keep up with inflation. Over the years, I've learned some techniques, and when I'm sitting in review with clients, I focus on things like yield and interest and dividends, even off the blue chip stocks - I point out how these accumulate in the sweep account, and folks understand how you can make money even when the market is going sideways, like it has for the past ten years." "What I'm saying is, I'm being paid to wrap up this portfolio management for a flat fee, inclusive so I'm on the same side of the table with our client, not calling them up and making trades so I can make a few hundred bucks in commissions - I work like you do. But what I need from you is the tax piece, and the year end tax planning for capital gains, and retirement plan distribtutions, running proformas to tell us how to maximize the lower tax brackets and such, so that's going to be more billable hours for you, and we need to tie up these relationships, so my assistant can get the information over to your office in an an efficient way... And if I'm going to be sending you a few new clients this tax season, then I'm going to be needing a few referrals from you, good accounts with some money to manage and meet my minimum, so we can keep this thing going. "[quote=Sportsfreakbob]
Update - non prospecting event was last night .......... Went well. Dinner was relaxed, no talk about business whatsoever. Everyone had a good time. The two guests (friends of my clients) were a CPA, (managing partner at a 4 partner firm - solid practice) and a corporate mid level employee. On the way out of the restaurant i just casually asked the CPA for his card and gave him mine, he was good with it. This guy and i got along pretty well, he's my kind of person, around my age, grew up in the same kind of enviroment/neighborhod as me, big sports fan,e tc. The other guy was very low key, nice guy, appreciative of my inviting him and doing this, but very low key, not as much in common with him. I asked him for his card as we were leaving the game, he didnt have one, i gave him mine and just said "if you ever want to talk market, or talk about any issues you have, feel free to give me a call. During the game, i got into a conversation with the CPA. He started it, and i dont remember how it started but at one point he said something like "i don't mean to degrade the value of what you guys do, but....." I let it go, and let that particular conversation end . Then a few minutes later, i started a new and more focused conversation, by turning to him and saying, "so i guess you dont exactly hold Financial Advisors in high regard??" I said it in a half jokiing tone, so it wasnt confrontational. He said, "well, i'll tell you, i can't retire any time soon because my 401k is down 50%. My advisor kept me in kept me in. Then i made a move to another guy, same thing. ........ BINGO. Found the hot button. The conversation went on for a few minutes, not long, and i ended it, by saying, hey, we're at a basketball game, lets enjoy it. So i think i accomplished something here. We'll see how receptive he is when i try to call him. I didnt ask for permission to call him and talk about it some more, maybe i should have. But all in all, i think i have a decent prospect to at least drip on and hopefully talk to.[/quote] What happened to making casual... why are we handing out business cards? Every time someone hands me a business card, I look back at them and wonder "seriously".... It reminds me of my days back in the chamber leads group... Schmucks handing everyone they know a business card. Why not just ask him if he wants to get together for lunch next week, you have some tax issues with your clients that you need help on(or they might need help on)[quote=DeBolt]
Maybe an opener like this could work... "Mr. CPA Dude, I can't stop thinking about why your advisor would have your portfolio that correlated to the market if you were going to retire soon. Let me take a look at what he is doing and I will give you a second opinion. If his ideas have not produced this year you will need to move one more time..." [/quote] Yeah sell on performance, that never backfiresPersonally,
If I'm going to talk business in anyway or hand out a card to people, I let them know ahead of time it's a business meeting. If it's not known ahead of time I never bring it up. My experience is that the more I get to be 'friends' with someone before we talk business the harder it is to transition to business. Friends like to debate or discuss subjects. They have opinions on things. That's great for discussion but not the relationship I want with my clients. I don't discuss with my Orthopedic Surgeon or debate with him about my patella tendon. I say, it hurts, he says then we need to do _____. That is how I treat my clients. They say, I want to do this or that at age 60 and I have X dollars now. I say, ok, we need to do this ____. It isn't a discussion. Bottom line is that if you made friends with the CPA at the game great but I wouldn't have traded cards or talked shop in that setting.[quote=chief123][
What happened to making casual... why are we handing out business cards? Every time someone hands me a business card, I look back at them and wonder "seriously".... It reminds me of my days back in the chamber leads group... Schmucks handing everyone they know a business card. Why not just ask him if he wants to get together for lunch next week, you have some tax issues with your clients that you need help on(or they might need help on)[/quote] Chief- I think i kept it casual. I asked for his biz card, and did it on the way out of the restaurant, an almost "by the way" comment. Made sure not to make it a spectacle at the dinner table. We'll see if he's amenable to getting together in the next week, or after the holidays. Its possible that he's so agnostic after a bad experience that there is no shot. I think in a worst case scenario here, at the very least, i strenthgened my relationship with the two clients i had there, who are both A+ clients of mine. So nothing lost. Hopefully it will be more than that. Its always good when you let them see you as a human being instead of a person behind a desk or at a meeting discussing business. To me, even if i dont get new clients out of this, it was well worth the few hundred bucks i spent. And it was my first one, i'll get better at it as i do more of these, whether its Basketball games, Baseball, or playing a lot of golf with clients and friens which i will do next summer.Ice. Thats exactly what i said to myself. My guess is that he got out near the end and didnt get back in until almost the end.
How can you sell crap like an indexed annuity? I just don’t see the value in one, at least not to an investor.
he doesn’t that is why he failed out of Jones.
Agree with bio... for a certain prospect or percentage of a clients portfolio they work great.. Way better than the 1% CD the bank is offering. My client got 7%(contract year ended last week) and the year before when the market crashed, my client kept everything.. Not for everyone, but for some people or a % of the portfolio it does what it says it will do. And that is all you can ask forHere we go…thread hijacked. This conversation is almost as tired as the multiple Edward Jones conversations
So what is the plan of attack on the CPA? Sounds like you have no idea, on are wavering on even contacting him again.
Call him up setup an appointment make sure he knows its about business. Talk about referrals or his account or his retirement plan or his businessSource URL:https://www.wealthmanagement.com/forums/prospecting-marketing-and-selling/prospecting-non-event